Average life cover claimant aged 58 with average payout ‘insufficient’

THE average life cover claimant last year was 58 years old with €110,755 being the average payout.

This is according to Caledonian Life which said this payout is not nearly sufficient to look after a family for the years to come.

Head of sales and marketing at Caledonian Life, Greg Dyer, said: “The results of the study are worrying, but in keeping with our own observations and research findings that people have insufficient cover to meet their needs.